Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The Company had $1.0 billion in goodwill as of June 30, 2025 and December 31, 2024, which represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of fair value of liabilities assumed in connection with the Umpqua Merger.

Core deposit intangible assets values were determined based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. The intangible assets are being amortized on an accelerated basis over a period of 10 years. No impairment losses have been recognized in the periods presented.

The following table summarizes other intangible assets as of the dates presented:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
June 30, 2025	$	710,230	$	(279,787)	$	430,443
December 31, 2024	$	710,230	$	(225,982)	$	484,248

Amortization expense recognized on intangible assets was $25.8 million and $53.8 million for the three and six months ended June 30, 2025, respectively, and $29.2 million and $61.3 million for the three and six months ended June 30, 2024, respectively.

The table below presents the forecasted amortization expense for intangible assets as of June 30, 2025:


(in thousands)
Year	Expected Amortization
Remainder of 2025	$	51,653
2026	92,545
2027	79,632
2028	66,719
2029	53,805
Thereafter	86,089
Total intangible assets	$	430,443